Iraq War has Limited Impact on World Economy's Recovery: German Economist

German economist Wolfgang Franz Saturday said that the Iraq war would have limited impact on the recovery of the world economy.

The Iraq war would have little adverse effect on world economy's recovery because the crude oil price in international market did not soar as what had been anticipated before the war broke out, Franz said in an interview with the German N-TV.

On the contrary, the crude oil price declined slightly after the war erupted, he noted.

However, Franz ruled out the possibility that the world economy would immediately begin to recover once the Iraq war ended.

The US financial deficit this year would possibly rise due to its huge war expenditure, he said, adding that the deficit would account for about 4 percent of the US gross domestic product (GDP).

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